Executive Summary
HPL Electric & Power Limited reported a solid operating performance in the December quarter, with consolidated revenue rising 20.8% year-on-year to ₹473.9 crore and EBITDA increasing 28.8% to ₹71.7 crore. Profitability improved on the back of margin expansion, while earnings growth remained steady. The Consumer & Industrial segment delivered strong momentum, and execution in the Metering business picked up sequentially, supporting overall performance.
Financial Performance
Revenue from operations for Q3 FY26 stood at ₹473.9 crore compared with ₹392.5 crore a year earlier. Gross profit increased to ₹162.3 crore, with gross margin at 34.25 %. EBITDA rose to ₹71.7 crore from ₹55.7 crore, translating into an EBITDA margin of 15.1%, up 94 basis points year-on-year.
Profit before tax grew 7.06 % to ₹26.1 crore, while profit after tax increased 7.9% to ₹19.5 crore. PAT margin for the quarter stood at 4.1%. Earnings per share rose to ₹3.02 from ₹2.81 in the corresponding quarter of the previous year.
For the nine-month period ended December 2025, revenue reached ₹1,291.4 crore. EBITDA for the period increased 13.5% year-on-year to ₹195.6 crore, with margin improvement of 87 basis points. PAT for the nine months rose 6.4% to ₹60.4 crore.
Business Segment Performance
The Metering, Systems & Services segment reported Q3 FY26 revenue of ₹287.5 crore. The business saw a 25% sequential pick-up from the previous quarter, supported by recovery in offtake after the monsoon season and an 11.2% year-on-year improvement. Segment profitability remained supported by pricing discipline, procurement efficiencies and a higher share of smart metering projects. The smart meter order book exceeded ₹3,100 crore, providing multi-year revenue visibility.
The Consumer & Industrial segment delivered strong growth, with Q3 revenue rising 39% year-on-year to ₹186.4 crore. For the nine-month period, segment revenue increased 28% to ₹570.7 crore. Switchgear revenue grew 33% year-on-year in Q3 to ₹68.3 crore, while wires and cables posted 58% growth. Lighting and electronics returned to growth with a 20% year-on-year increase during the quarter.
Network Investments and Outlook
The company continued execution of its smart metering order book, supported by improving tender activity and sequential recovery in project execution. Investments remained focused on product engineering and research and development across both business verticals, alongside distribution strengthening, with the retail network exceeding 85,000 outlets.
Key Takeaways
- Consolidated revenue rose 21% YoY to ₹473.9 crore, with EBITDA up 29% and margins expanding.
- Consumer & Industrial segment grew 39% YoY, led by strong performance in wires, cables and switchgear.
- Metering business saw a 25% sequential recovery, supported by a smart meter order book of over ₹3,100 crore.